CAT/CGT on Foreign property

Hi All,

I was gifted a flat from my brother in Spain in 2011, both my brother and I were residents of Spain at the time of the property transfer. In 2022 I moved to Ireland and since then I'm fiscal resident here; now I'm considering selling the flat in Spain so as to buy something here. I'll be seeking professional advice on this tax matter, but would like to know your opinion too, as I am a bit lost and don't know even what to ask.

Specifically, would the CAT (Capital Acquisitions Tax) apply even though the transfer was made in 2011? Do I have to pay any CGT in Ireland at the moment of selling the property? If yes, how are the capital gains calculated if it was a gift? Are there any other taxes I should consider before moving the capital here?

Looking forward to your opinion on this. Also, let me know if you could recommend a tax solicitor/accountant who would be able to help me in this process.

Thank you!

Lionel

Assuming you’re Spanish, there’ll be no CGT payable in Ireland if you keep the sales proceeds outside of Ireland. If you lived in the property until 2022, you’d have no CGT regardless, providing you sold it within 12 months of moving out. The receipt of the property in 2011 shouldn’t matter if neither of you had ever been resident in Ireland. Any ‘gain’ is calculated by taking the sales price and subtracting selling costs and the value when you received it.